THELOGICALINDIAN - Key Points
Bitcoin amount is placed in an uptrend aloft $6,600 adjoin the US Dollar. BTC/USD may conceivably resume its upside move already the accepted alteration is complete.
Bitcoin Price Analysis
Bitcoin amount bounced sharply afterwards basic a abject abreast the $6,500 akin adjoin the US Dollar. The BTC/USD brace traded aloft the $6,600 and $6,700 attrition levels. The upside beachcomber was able back the amount traded to a new account aerial at $6,839. Later, the amount started a downside alteration and beneath beneath $6,800. There was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,504 low to $6,839 high.
However, the abatement begin abutment abreast the $6,680 level, which was a attrition earlier. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $6,504 low to $6,839 aerial additionally acted as a support. The amount is currently accumulation and is able-bodied aloft the $6,600 abutment and the 100 alternate simple affective average. Should the amount abatement further, the $6,620 and $6,600 abutment levels are acceptable to act as strong resistances. On the upside, an antecedent attrition is at $6,720. There is additionally a concise bearish trend band in abode with attrition at $6,730 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount is acceptable to breach the trend band and $6,750 to resume its upside wave. The abutting resistances are at $6,800, $6,840 and $6,880.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is flirting with the 50 level.
Major Support Level – $6,600
Major Resistance Level – $6,800
